Philippine President flings doors open to US investment

Philippine President Ferdinand Marcos Jr. sees Washington as a key security partner. And he's also now flinging his country's doors open to more US investment.

Marcos spoke in Manila on Tuesday at the Indo-Pacific Business Forum, hosted by the governments of both countries. He says the Philippines occupies a strategic regional position, and presents a good opportunity for business.

The Philippines is already working with the United States and Japan to develop Luzon island. The major infrastructure project includes railways and clean energy.

Marcos set out his aim to transform the Philippines into a regional hub for smart and sustainable manufacturing.

Daniel Kritenbrink, the US State Department's Assistant Secretary for the Bureau of East Asian and Pacific Affairs, said the two countries have a responsibility to ensure the health and prosperity of the region's economy.

China is the Philippines' largest trading partner, but territorial disputes have put them increasingly at odds.